Quarterly Bulletin Q4 – 2016

The climax of the fourth quarter of 2016 was undoubtedly Donald Trump’s election to the White House and, probably more so, the Republican majorities in the House of Representatives and the Senate. After a shaky night, risk assets reacted positively the following day. The new president is in a strong position to implement, without too much opposition, his stimulus program, combining tax cuts and increased public spending.

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2016

A multitude of risk factors have unsettled the markets during the first six months of the year.

2015

Fortunately, the North American economy continues the expansionary momentum en-joyed over the last 5 years. Despite some ambiguous data, the improving economic conditions are palpable. We do not see any signs of a pending recession, therefore North American equity markets should do well. The risks perceived by investors are related primarily to three concerns.

2014

Q3 2014 allowed some financial terms, absent from our lexicon for several years to resurface. Indeed, despite globalization which has been accelerating for decades, many economists and investors are now once again arguing in favor of the “decoupling” of economies to the benefit of the US and UK and to the detriment of Europe and […]

2013

QE = RT « Quantitative Easing = Risk Taking ». This seems to have been the magic formula in 2013, a remarkable year for risk as- sets, most notably for equi- ties and corporate bonds.